Foster Wheeler, SOCAR Team Up to Form New Company

- Foster Wheeler, SOCAR Team Up to Form New Company

Thursday, July 14, 2011
Foster Wheeler AG

Foster Wheeler announced that a subsidiary of its Global Engineering and Construction Group has signed a Memorandum of Understanding (MoU) to cooperate to form a jointly-owned company with The State Oil Company of Azerbaijan Republic (SOCAR) in the Republic of Azerbaijan.

SOCAR is a state-owned company engaged in the fields of oil and gas exploration, production, transportation and marketing and intends to build an oil, gas processing and petrochemical complex in Garadag, Republic of Azerbaijan.

The new jointly-owned company will focus on providing process, engineering, procurement, construction supervision and project management services associated with the development of the new oil, gas processing and petrochemical complex.

The new entity will provide the same services for upstream, midstream and downstream oil and gas projects developed by SOCAR both in the Republic of Azerbaijan and in other countries.

In line with the principles outlined in the MoU, Foster Wheeler and SOCAR will prepare a joint action plan for the establishment and incorporation of the new company, with its headquarters in Baku.

"Foster Wheeler and SOCAR already have a strong working relationship, including cooperation for the design of the Aegean oil refining facility in Turkey for SOCAR and its joint-venture partner," said Umberto della Sala, Interim Chief Executive Officer, Foster Wheeler AG. "We are very pleased to sign this MoU, which signals our commitment to Azerbaijan and which will take our relationship with SOCAR to a new level. Foster Wheeler will bring to the new joint company its worldwide organization resources, technical expertise and international project execution capability on all of SOCAR's key business areas."

"We consider Foster Wheeler one of the most respected companies in the world and we very much look forward to the formation of this new joint-venture company," added Rovnag Abdullayev, President, SOCAR. "We are confident that Foster Wheeler will be able to inject into the new entity its proven know-how and its recognized capability to deliver successful projects."

Oil & Gas Post

Promote Your Page Too
LINK

SOCAR Awaits Favorable Weather to Start Geophysical Studies in Caspian Sea

SOCAR Awaits Favorable Weather to Start Geophysical Studies in Caspian Sea

Friday, April 22, 2011
Knight Ridder/Tribune Business News
by E.Ismayilov, Trend News Agency, Baku, Azerbaijan

The State Oil Company of the Azerbaijan Republic (SOCAR) waits for the normalization of weather conditions to launch a large-scale project within the two-dimensional geophysical studies for the company Bahar Energy Limited, a source at SOCAR said.

The operations envisage conducting the geophysical research on the area between the Bahar-2 prospective structure and the Gum Deniz field.

The source said that sonar work has already been launched in the contract area. Preparations are underway for direct geophysical studies.

"Preparatory work is underway. Winds on the sea do not allow operation in normal mode, and the study will be initiated as soon as weather becomes normal," the source said.

Previously, SOCAR signed a PSA contract with the company Bahar Energy Limited for the exploration, rehabilitation, development and production on the block, which also includes offshore fields of Bahar and Gum Deniz. The contract was ratified by the Azerbaijani Parliament.

Under the second part of the contract, which involves the exploration of the Bahar-2 structure, there are plans to drill one exploration well in three years. If necessary, another one will be drilled during the fourth year. According to initial estimates, Bahar Energy Limited will invest $1 billion to conduct work under the contract.

SOCAR ,Awaits ,Favorable ,Weather, Start ,Geophysical ,Studies, Caspia